Todd Harrison: Bank Stocks, Tech Stocks, and Headline Risk

Musings on what's important right now.

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Here are my most recent thoughts on the market as of this morning, in no particular order:

We highlighted the action in the banks yesterday and again this morning (subscription required); so long as the piggies poke higher, the tape should follow.

With BKX (INDEXSP:BKX) 71.50 and S&P (INDEXSP:.INX) 1850 underfoot, the respective technical targets are around BKX 77 and S&P 1960.

Is that gospel? Nope; there is no such thing. It does, however, provide a context for risk management for those who spend their days managing money.

The bulls would feel a lot better if the transports were tagging along, but thus far they're not -- TRAN (INDEXDJX:DJT) 7600 is the level of lore there.